Reported portfolio
Pat Dorsey
Dorsey Asset Management, LLC
Last update 2026-08-14
- Reported portfolio value
- $1,561,408,000
- Current positions
- 11
- Top five concentration
- 56.6%
- Largest position
- 16.6%
- New positions
- 0
- Closed positions
- 0
Reported holdings
11 positions
| Company | Portfolio | Recent activity | Shares | Reported price | Reported value | Updated / source |
|---|---|---|---|---|---|---|
ASML ASML HLDG NV | 16.61% | Reduced 7.1% | 130,364−9,931 | $1,989 | $259,351,000+$74,046,000 | 13F2026-06-30 ↗ |
APP APPLOVIN CORP | 14.50% | Added 38.6% | 439,313+122,361 | $515 | $226,347,000+$100,200,000 | 13F2026-06-30 ↗ |
RPRX ROYALTY PHARMA PLC | 8.82% | Added 7.9% | 2,456,528+179,958 | $56 | $137,738,000+$28,530,000 | 13F2026-06-30 ↗ |
BKNG BOOKING HOLDINGS INC | 8.46% | Added 4409.2% | 741,500+725,056 | $178 | $132,165,000+$62,930,000 | 13F2026-06-30 ↗ |
SPGI S&P GLOBAL INC | 8.25% | Added 42.1% | 316,413+93,730 | $407 | $128,862,000+$34,146,000 | 13F2026-06-30 ↗ |
UBER UBER TECHNOLOGIES INC | 8.14% | Added 61.6% | 1,761,941+671,660 | $72 | $127,142,000+$48,718,000 | 13F2026-06-30 ↗ |
LYV LIVE NATION ENTERTAINMENT IN | 7.69% | Added 7.9% | 655,658+48,049 | $183 | $120,058,000+$27,391,000 | 13F2026-06-30 ↗ |
DHR DANAHER CORP DEL | 7.64% | Added 7.9% | 626,211+45,971 | $190 | $119,281,000+$9,267,000 | 13F2026-06-30 ↗ |
META META PLATFORMS INC | 7.21% | Added 23.6% | 199,901+38,218 | $563 | $112,602,000+$20,099,000 | 13F2026-06-30 ↗ |
AER AERCAP HOLDINGS NV | 7.16% | Reduced 31.7% | 766,828−356,661 | $146 | $111,788,000−$42,332,000 | 13F2026-06-30 ↗ |
SUNB SUNBELT RENTALS HOLDINGS INC | 5.51% | Reduced 47.8% | 1,150,578−1,054,418 | $75 | $86,075,000−$57,448,000 | 13F2026-06-30 ↗ |
Reported price is calculated from the reported value and share count. It is not the investor's actual purchase price.
Filing history
Historical holdings
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| ASML | ASML HLDG NV | 16.61% | 130,364 | $259,351,000 |
| APP | APPLOVIN CORP | 14.50% | 439,313 | $226,347,000 |
| RPRX | ROYALTY PHARMA PLC | 8.82% | 2,456,528 | $137,738,000 |
| BKNG | BOOKING HOLDINGS INC | 8.46% | 741,500 | $132,165,000 |
| SPGI | S&P GLOBAL INC | 8.25% | 316,413 | $128,862,000 |
| UBER | UBER TECHNOLOGIES INC | 8.14% | 1,761,941 | $127,142,000 |
| LYV | LIVE NATION ENTERTAINMENT IN | 7.69% | 655,658 | $120,058,000 |
| DHR | DANAHER CORP DEL | 7.64% | 626,211 | $119,281,000 |
| META | META PLATFORMS INC | 7.21% | 199,901 | $112,602,000 |
| AER | AERCAP HOLDINGS NV | 7.16% | 766,828 | $111,788,000 |
| SUNB | SUNBELT RENTALS HOLDINGS INC | 5.51% | 1,150,578 | $86,075,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| ASML | ASML HLDG NV | 14.76% | 140,295 | $185,306,000 |
| AER | AERCAP HOLDINGS NV | 12.27% | 1,123,489 | $154,120,000 |
| SUNB | SUNBELT RENTALS HOLDINGS INC | 11.43% | 2,204,996 | $143,523,000 |
| APP | APPLOVIN CORP | 10.04% | 316,952 | $126,147,000 |
| DHR | DANAHER CORP DEL | 8.76% | 580,240 | $110,014,000 |
| RPRX | ROYALTY PHARMA PLC | 8.70% | 2,276,570 | $109,207,000 |
| SPGI | S&P GLOBAL INC | 7.54% | 222,683 | $94,716,000 |
| LYV | LIVE NATION ENTERTAINMENT IN | 7.38% | 607,609 | $92,666,000 |
| META | META PLATFORMS INC | 7.37% | 161,683 | $92,504,000 |
| UBER | UBER TECHNOLOGIES INC | 6.24% | 1,090,281 | $78,424,000 |
| BKNG | BOOKING HOLDINGS INC | 5.51% | 16,444 | $69,235,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| ASML | ASML HOLDING N V | 17.89% | 192,343 | $205,780,000 |
| DHR | DANAHER CORPORATION | 16.47% | 827,520 | $189,436,000 |
| AER | AERCAP HOLDINGS NV | 15.18% | 1,215,059 | $174,677,000 |
| META | META PLATFORMS INC | 9.21% | 160,450 | $105,911,000 |
| BKNG | BOOKING HOLDINGS INC | 7.60% | 16,317 | $87,383,000 |
| RPRX | ROYALTY PHARMA PLC | 7.59% | 2,259,469 | $87,306,000 |
| LYV | LIVE NATION ENTERTAINMENT IN | 7.47% | 602,973 | $85,924,000 |
| AZO | AUTOZONE INC | 7.41% | 25,121 | $85,198,000 |
| GOOG | ALPHABET INC | 5.92% | 216,906 | $68,065,000 |
| ENOV | ENOVIS CORPORATION | 5.28% | 2,279,200 | $60,718,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| DHR | DANAHER CORP | 15.34% | 860,850 | $170,672,000 |
| ASML | ASML HOLDING N.V. | 15.07% | 173,226 | $167,698,000 |
| AER | AERCAP | 13.75% | 1,263,998 | $152,944,000 |
| META | META PLATFORMS INC | 12.69% | 192,224 | $141,165,000 |
| AZO | AUTOZONE | 11.52% | 29,878 | $128,184,000 |
| GOOG | ALPHABET INC CLASS C | 9.40% | 429,318 | $104,560,000 |
| BKNG | BOOKING HOLDINGS | 8.24% | 16,975 | $91,653,000 |
| RPRX | ROYALTY PHARMA PLC | 7.45% | 2,350,449 | $82,924,000 |
| ENOV | ENOVIS CORPORATION | 6.54% | 2,399,322 | $72,795,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| DHR | DANAHER CORPORATION | 16.42% | 926,992 | $183,118,000 |
| META | META PLATFORMS INC | 16.22% | 245,108 | $180,912,000 |
| AER | AERCAP HOLDINGS NV | 14.28% | 1,361,118 | $159,251,000 |
| AZO | AUTOZONE INC | 11.87% | 35,667 | $132,404,000 |
| GOOG | ALPHABET INC | 10.53% | 661,990 | $117,430,000 |
| ASML | ASML HOLDING N V | 10.06% | 139,989 | $112,186,000 |
| BKNG | BOOKING HOLDINGS INC | 9.49% | 18,290 | $105,885,000 |
| ENOV | ENOVIS CORPORATION | 7.18% | 2,553,180 | $80,068,000 |
| WIX | WIX COM LTD | 2.09% | 146,777 | $23,258,000 |
| — | SEMRUSH HLDGS INC | 1.85% | 2,284,578 | $20,675,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| AZO | AUTOZONE INC | 15.17% | 37,543 | $143,143,000 |
| META | META PLATFORMS INC | 15.09% | 247,057 | $142,394,000 |
| DHR | DANAHER CORPORATION | 15.02% | 691,304 | $141,717,000 |
| AER | AERCAP HOLDINGS NV | 12.33% | 1,138,542 | $116,325,000 |
| GOOG | ALPHABET INC | 10.58% | 638,751 | $99,792,000 |
| BKNG | BOOKING HOLDINGS INC | 7.80% | 15,969 | $73,568,000 |
| PYPL | PAYPAL HLDGS INC | 5.93% | 858,231 | $56,000,000 |
| WIX | WIX COM LTD | 5.53% | 319,382 | $52,181,000 |
| SPT | SPROUT SOCIAL INC | 5.37% | 2,304,414 | $50,674,000 |
| ASML | ASML HOLDING N V | 4.96% | 70,571 | $46,762,000 |
| — | SEMRUSH HLDGS INC | 2.23% | 2,256,733 | $21,055,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| WIX | WIX COM LTD | 12.80% | 578,741 | $124,169,000 |
| META | META PLATFORMS INC | 12.57% | 208,247 | $121,931,000 |
| GOOG | ALPHABET INC | 12.55% | 639,218 | $121,733,000 |
| AZO | AUTOZONE INC | 12.40% | 37,570 | $120,299,000 |
| PYPL | PAYPAL HLDGS INC | 11.45% | 1,301,183 | $111,056,000 |
| DHR | DANAHER CORPORATION | 9.34% | 394,791 | $90,624,000 |
| — | SMARTSHEET INC | 8.36% | 1,447,727 | $81,116,000 |
| SPT | SPROUT SOCIAL INC | 7.30% | 2,306,149 | $70,822,000 |
| HRI | HERC HLDGS INC | 5.33% | 272,903 | $51,669,000 |
| UPWK | UPWORK INC | 5.13% | 3,045,142 | $49,788,000 |
| — | SEMRUSH HLDGS INC | 2.77% | 2,258,481 | $26,831,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| META | META PLATFORMS INC | 14.36% | 232,669 | $133,189,000 |
| AZO | AUTOZONE INC | 10.00% | 29,458 | $92,794,000 |
| WIX | WIX COM LTD | 9.98% | 553,894 | $92,594,000 |
| APP | APPLOVIN CORP | 9.83% | 698,796 | $91,228,000 |
| PYPL | PAYPAL HLDGS INC | 9.78% | 1,162,523 | $90,712,000 |
| DHR | DANAHER CORPORATION | 8.92% | 297,492 | $82,709,000 |
| — | SMARTSHEET INC | 8.91% | 1,493,286 | $82,668,000 |
| GOOG | ALPHABET INC | 8.14% | 451,618 | $75,506,000 |
| HRI | HERC HLDGS INC | 7.32% | 426,060 | $67,927,000 |
| SPT | SPROUT SOCIAL INC | 6.19% | 1,975,994 | $57,442,000 |
| — | SEMRUSH HLDGS INC | 3.58% | 2,113,947 | $33,210,000 |
| UPWK | UPWORK INC | 2.98% | 2,647,145 | $27,663,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| META | META PLATFORMS INC | 14.40% | 239,724 | $120,874,000 |
| — | SMARTSHEET INC | 13.03% | 2,480,389 | $109,336,000 |
| WIX | WIX COM LTD | 10.82% | 570,859 | $90,807,000 |
| AZO | AUTOZONE INC | 10.72% | 30,351 | $89,963,000 |
| GOOG | ALPHABET INC | 10.17% | 465,268 | $85,339,000 |
| DHR | DANAHER CORPORATION | 9.12% | 306,420 | $76,559,000 |
| PYPL | PAYPAL HLDGS INC | 8.28% | 1,197,048 | $69,465,000 |
| SPT | SPROUT SOCIAL INC | 7.34% | 1,725,977 | $61,583,000 |
| HRI | HERC HLDGS INC | 6.97% | 439,118 | $58,530,000 |
| — | SEMRUSH HLDGS INC | 5.68% | 3,558,820 | $47,653,000 |
| UPWK | UPWORK INC | 3.49% | 2,725,293 | $29,297,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| META | META PLATFORMS INC | 16.21% | 287,226 | $139,471,000 |
| GOOG | ALPHABET INC | 14.98% | 846,297 | $128,857,000 |
| WIX | WIX COM LTD | 12.07% | 755,440 | $103,858,000 |
| — | SMARTSHEET INC | 11.24% | 2,512,328 | $96,725,000 |
| PYPL | PAYPAL HLDGS INC | 9.44% | 1,212,462 | $81,223,000 |
| DHR | DANAHER CORPORATION | 9.01% | 310,364 | $77,504,000 |
| HRI | HERC HLDGS INC | 8.70% | 444,769 | $74,855,000 |
| AZO | AUTOZONE INC | 8.53% | 23,282 | $73,377,000 |
| — | SEMRUSH HLDGS INC | 5.87% | 3,805,121 | $50,456,000 |
| UPWK | UPWORK INC | 3.93% | 2,760,387 | $33,842,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| META | META PLATFORMS INC | 17.57% | 386,133 | $136,676,000 |
| — | SMARTSHEET INC | 15.65% | 2,546,032 | $121,751,000 |
| GOOG | ALPHABET INC | 15.54% | 857,647 | $120,868,000 |
| WIX | WIX COM LTD | 12.11% | 765,585 | $94,182,000 |
| HRI | HERC HLDGS INC | 9.89% | 516,894 | $76,960,000 |
| PYPL | PAYPAL HLDGS INC | 9.70% | 1,228,720 | $75,456,000 |
| DHR | DANAHER CORPORATION | 9.35% | 314,516 | $72,760,000 |
| UPWK | UPWORK INC | 5.35% | 2,797,446 | $41,598,000 |
| — | SEMRUSH HLDGS INC | 4.85% | 2,760,039 | $37,702,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| META | META PLATFORMS INC | 18.39% | 469,184 | $140,854,000 |
| GOOG | ALPHABET INC | 15.63% | 907,610 | $119,668,000 |
| WIX | WIX COM LTD | 14.74% | 1,229,627 | $112,880,000 |
| — | SMARTSHEET INC | 14.23% | 2,694,296 | $109,011,000 |
| PYPL | PAYPAL HLDGS INC | 9.93% | 1,300,303 | $76,016,000 |
| HRI | HERC HLDGS INC | 6.73% | 433,139 | $51,518,000 |
| DIS | DISNEY WALT CO | 6.64% | 627,314 | $50,844,000 |
| UPWK | UPWORK INC | 6.64% | 4,474,286 | $50,828,000 |
| DG | DOLLAR GEN CORP NEW | 3.77% | 272,822 | $28,865,000 |
| — | SEMRUSH HLDGS INC | 3.31% | 2,986,788 | $25,388,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| META | META PLATFORMS INC | 23.80% | 626,299 | $179,735,000 |
| — | SMARTSHEET INC | 16.62% | 3,280,603 | $125,516,000 |
| WIX | WIX COM LTD | 14.44% | 1,393,679 | $109,041,000 |
| GOOG | ALPHABET INC | 11.82% | 738,119 | $89,290,000 |
| DIS | DISNEY WALT CO | 7.67% | 648,816 | $57,926,000 |
| ROKU | ROKU INC | 6.62% | 781,185 | $49,965,000 |
| UPWK | UPWORK INC | 5.80% | 4,691,358 | $43,817,000 |
| PYPL | PAYPAL HLDGS INC | 5.73% | 648,363 | $43,265,000 |
| — | SEMRUSH HLDGS INC | 3.83% | 3,021,897 | $28,920,000 |
| HRI | HERC HLDGS INC | 3.67% | 202,804 | $27,754,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| META | META PLATFORMS INC | 22.98% | 899,204 | $190,577,000 |
| — | SMARTSHEET INC | 19.71% | 3,421,117 | $163,529,000 |
| WIX | WIX COM LTD | 17.49% | 1,453,409 | $145,050,000 |
| GOOG | ALPHABET INC | 9.65% | 769,451 | $80,023,000 |
| ROKU | ROKU INC | 8.68% | 1,093,272 | $71,959,000 |
| DIS | DISNEY WALT CO | 8.17% | 676,613 | $67,749,000 |
| PYPL | PAYPAL HLDGS INC | 6.19% | 676,141 | $51,346,000 |
| — | SEMRUSH HLDGS INC | 3.82% | 3,151,483 | $31,672,000 |
| UPWK | UPWORK INC | 3.33% | 2,437,027 | $27,587,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| META | META PLATFORMS INC | 22.98% | 956,098 | $202,635,000 |
| — | SMARTSHEET INC | 19.71% | 3,637,598 | $173,877,000 |
| WIX | WIX COM LTD | 17.49% | 1,545,370 | $154,228,000 |
| GOOG | ALPHABET INC | 9.65% | 818,148 | $85,087,000 |
| ROKU | ROKU INC | 8.68% | 1,162,463 | $76,513,000 |
| DIS | DISNEY WALT CO | 8.17% | 719,424 | $72,036,000 |
| PYPL | PAYPAL HLDGS INC | 6.19% | 718,922 | $54,595,000 |
| — | SEMRUSH HLDGS INC | 3.82% | 3,350,938 | $33,677,000 |
| UPWK | UPWORK INC | 3.33% | 2,591,208 | $29,332,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| — | SMARTSHEET INC | 22.01% | 3,846,551 | $151,400,000 |
| WIX | WIX COM LTD | 17.91% | 1,603,578 | $123,203,000 |
| META | META PLATFORMS INC | 17.36% | 992,042 | $119,382,000 |
| ROKU | ROKU INC | 9.93% | 1,677,711 | $68,283,000 |
| DIS | DISNEY WALT CO | 9.43% | 746,469 | $64,853,000 |
| PYPL | PAYPAL HLDGS INC | 7.72% | 745,950 | $53,127,000 |
| GOOG | ALPHABET INC | 7.36% | 570,922 | $50,658,000 |
| — | SEMRUSH HLDGS INC | 4.20% | 3,548,943 | $28,888,000 |
| UPWK | UPWORK INC | 4.08% | 2,688,611 | $28,069,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| WIX | WIX COM LTD | 18.72% | 1,974,991 | $154,504,000 |
| — | SMARTSHEET INC | 15.05% | 3,615,172 | $124,217,000 |
| META | META PLATFORMS INC | 13.09% | 795,803 | $107,975,000 |
| ROKU | ROKU INC | 10.22% | 1,494,862 | $84,310,000 |
| POSHEUR | POSHMARK INC | 9.47% | 4,984,927 | $78,114,000 |
| DIS | DISNEY WALT CO | 8.90% | 778,502 | $73,436,000 |
| PYPL | PAYPAL HLDGS INC | 8.11% | 777,909 | $66,955,000 |
| GOOG | ALPHABET INC | 6.94% | 595,532 | $57,260,000 |
| — | SEMRUSH HLDGS INC | 4.87% | 3,584,582 | $40,183,000 |
| UPWK | UPWORK INC | 4.63% | 2,804,661 | $38,199,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| WIX | WIX COM LTD | 18.71% | 1,880,107 | $147,081,000 |
| — | SMARTSHEET INC | 15.05% | 3,441,486 | $118,249,000 |
| META | META PLATFORMS INC | 13.08% | 757,556 | $102,785,000 |
| ROKU | ROKU INC | 10.21% | 1,423,046 | $80,260,000 |
| POSHEUR | POSHMARK INC | 9.46% | 4,745,573 | $74,363,000 |
| DIS | DISNEY WALT CO | 8.89% | 741,105 | $69,908,000 |
| PYPL | PAYPAL HLDGS INC | 8.11% | 740,556 | $63,740,000 |
| GOOG | ALPHABET INC | 6.94% | 566,919 | $54,509,000 |
| — | SEMRUSH HLDGS INC | 4.92% | 3,452,605 | $38,704,000 |
| UPWK | UPWORK INC | 4.63% | 2,669,800 | $36,363,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| WIX | WIX COM LTD | 15.37% | 1,878,181 | $123,115,000 |
| META | META PLATFORMS INC | 15.23% | 756,594 | $122,001,000 |
| ROKU | ROKU INC | 14.58% | 1,421,597 | $116,770,000 |
| — | SMARTSHEET INC | 13.49% | 3,438,052 | $108,058,000 |
| DIS | DISNEY WALT CO | 8.72% | 740,164 | $69,871,000 |
| GOOG | ALPHABET INC | 7.73% | 28,317 | $61,942,000 |
| UPWK | UPWORK INC | 6.89% | 2,667,136 | $55,156,000 |
| PYPL | PAYPAL HLDGS INC | 6.45% | 739,616 | $51,655,000 |
| POSHEUR | POSHMARK INC | 5.98% | 4,740,775 | $47,929,000 |
| — | SEMRUSH HLDGS INC | 5.57% | 3,448,221 | $44,585,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| META | META PLATFORMS INC | 16.19% | 755,957 | $168,095,000 |
| — | SMARTSHEET INC | 15.87% | 3,009,153 | $164,841,000 |
| WIX | WIX COM LTD | 15.75% | 1,566,047 | $163,589,000 |
| DIS | DISNEY WALT CO | 9.77% | 739,610 | $101,445,000 |
| PYPL | PAYPAL HLDGS INC | 8.23% | 738,996 | $85,465,000 |
| ROKU | ROKU INC | 8.17% | 677,215 | $84,835,000 |
| EBAY | EBAY INC. | 7.13% | 1,292,392 | $74,002,000 |
| GOOG | ALPHABET INC | 6.34% | 23,582 | $65,864,000 |
| POSHEUR | POSHMARK INC | 5.11% | 4,193,327 | $53,088,000 |
| — | SEMRUSH HLDGS INC | 3.96% | 3,445,361 | $41,138,000 |
| UPWK | UPWORK INC | 3.49% | 1,558,109 | $36,210,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| WIX | WIX COM LTD | 19.99% | 1,485,198 | $234,349,000 |
| — | SMARTSHEET INC | 18.54% | 2,805,457 | $217,283,000 |
| META | META PLATFORMS INC | 16.59% | 577,985 | $194,405,000 |
| PYPL | PAYPAL HLDGS INC | 9.19% | 571,209 | $107,719,000 |
| DIS | DISNEY WALT CO | 9.06% | 685,261 | $106,140,000 |
| EBAY | EBAY INC. | 6.79% | 1,197,424 | $79,629,000 |
| GOOG | ALPHABET INC | 6.18% | 25,018 | $72,392,000 |
| POSHEUR | POSHMARK INC | 4.80% | 3,306,561 | $56,311,000 |
| — | SEMRUSH HLDGS INC | 4.65% | 2,616,838 | $54,561,000 |
| UPWK | UPWORK INC | 4.21% | 1,443,618 | $49,314,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| META | FACEBOOK INC | 17.05% | 575,491 | $195,316,000 |
| — | SMARTSHEET INC | 16.66% | 2,773,894 | $190,899,000 |
| WIX | WIX COM LTD | 14.50% | 847,847 | $166,153,000 |
| PYPL | PAYPAL HLDGS INC | 12.92% | 568,745 | $147,993,000 |
| DIS | DISNEY WALT CO | 11.48% | 777,753 | $131,572,000 |
| EBAY | EBAY INC. | 10.09% | 1,658,432 | $115,543,000 |
| UPWK | UPWORK INC | 6.37% | 1,619,966 | $72,947,000 |
| GOOG | ALPHABET INC | 5.80% | 24,909 | $66,390,000 |
| — | SEMRUSH HLDGS INC | 5.13% | 2,550,725 | $58,820,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| META | FACEBOOK INC | 17.74% | 676,536 | $235,238,000 |
| — | SMARTSHEET INC | 17.46% | 3,202,198 | $231,583,000 |
| WIX | WIX COM LTD | 13.81% | 630,815 | $183,113,000 |
| EBAY | EBAY INC. | 12.09% | 2,283,476 | $160,323,000 |
| PYPL | PAYPAL HLDGS INC | 12.06% | 548,880 | $159,988,000 |
| UPWK | UPWORK INC | 9.46% | 2,151,378 | $125,404,000 |
| DIS | DISNEY WALT CO | 9.40% | 709,571 | $124,721,000 |
| GOOG | ALPHABET INC | 4.67% | 24,717 | $61,949,000 |
| — | DESPEGAR COM CORP | 3.31% | 3,320,397 | $43,862,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| META | FACEBOOK INC | 22.99% | 746,378 | $219,831,000 |
| — | SMARTSHEET INC | 18.19% | 2,720,798 | $173,913,000 |
| WIX | WIX COM LTD | 12.44% | 426,002 | $118,948,000 |
| EBAY | EBAY INC. | 12.40% | 1,935,576 | $118,535,000 |
| PYPL | PAYPAL HLDGS INC | 11.82% | 465,266 | $112,985,000 |
| UPWK | UPWORK INC | 8.57% | 1,829,472 | $81,905,000 |
| GOOG | ALPHABET INC | 6.98% | 32,271 | $66,757,000 |
| — | DESPEGAR COM CORP | 6.61% | 4,639,434 | $63,235,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| META | FACEBOOK INC | 21.84% | 611,130 | $166,936,000 |
| WIX | WIX COM LTD | 16.37% | 500,446 | $125,091,000 |
| — | SMARTSHEET INC | 11.67% | 1,287,190 | $89,189,000 |
| GOOG | ALPHABET INC | 10.84% | 47,293 | $82,852,000 |
| EBAY | EBAY INC. | 10.20% | 1,551,307 | $77,953,000 |
| UPWK | UPWORK INC | 8.52% | 1,886,146 | $65,110,000 |
| PYPL | PAYPAL HLDGS INC | 7.85% | 256,241 | $60,012,000 |
| — | DESPEGAR COM CORP | 7.13% | 4,255,213 | $54,509,000 |
| ROKU | ROKU INC | 5.59% | 128,601 | $42,698,000 |
| Ticker | Company | Portfolio | Shares | Reported value |
|---|---|---|---|---|
| META | FACEBOOK INC | 23.61% | 606,612 | $158,872,000 |
| WIX | WIX COM LTD | 15.54% | 410,415 | $104,594,000 |
| GOOG | ALPHABET INC | 10.25% | 46,947 | $68,993,000 |
| UPWK | UPWORK INC | 10.24% | 3,950,351 | $68,894,000 |
| ROKU | ROKU INC | 8.51% | 303,373 | $57,277,000 |
| PYPL | PAYPAL HLDGS INC | 7.45% | 254,341 | $50,113,000 |
| EBAY | EBAY INC. | 6.74% | 871,076 | $45,383,000 |
| — | SMARTSHEET INC | 6.54% | 889,987 | $43,983,000 |
| — | AVALARA INC | 5.55% | 293,390 | $37,360,000 |
| — | DESPEGAR COM CORP | 3.99% | 4,223,698 | $26,863,000 |
| — | ALTERYX INC | 1.59% | 94,189 | $10,695,000 |
Investor background
Pat Dorsey
“A moat is structural and sustainable.”
Pat Dorsey is the founder and portfolio manager of Dorsey Asset Management, a Chicago-based investment firm whose concentrated global equity strategy was launched in 2014. Before managing his own firm, Dorsey served as Morningstar’s Director of Equity Research from 2000 to 2011, expanding its equity research group from approximately 20 to 90 analysts and helping develop the company’s economic-moat ratings and competitive-analysis framework. He later served as Director of Research at Sanibel Captiva Trust.
Dorsey invests in 10 to 15 businesses that combine sustainable competitive advantages, long runways for reinvestment and managers capable of allocating capital intelligently. His concept of a moat is deliberately narrow: market share, attractive technology, rapid growth or a popular product is insufficient unless the advantage is structural and difficult for competitors to reproduce. Dorsey focuses particularly on switching costs, network effects, intangible assets and cost advantages.
Dorsey is worth following because he transformed competitive-advantage analysis into a systematic research discipline and then applied that framework in a genuinely concentrated portfolio. His edge lies in connecting business quality with reinvestment economics and capital allocation: a moat protects returns, reinvestment compounds value, and management determines whether increasing business value reaches minority shareholders.